Lagos recovers ₦1.5bn taxes from defaulting Nigerian bank, warns others

By Kazeem Ugbodaga

Lagos State has stepped up its drive to recover outstanding revenues and taxes, with Attorney General and Commissioner for Justice, Mr. Lawal Pedro (SAN), revealing that the state recently secured ₦1.5 billion from a defaulting bank.

Pedro, who disclosed this on Tuesday during a press briefing to mark his second year in office, said the recovery was part of wider reforms to strengthen fiscal governance through the rule of law.

He explained that Lagos had established dedicated Revenue Courts at both the High Court and Magistrate levels, alongside a Revenue Recovery Unit (RRU), to fast-track enforcement actions against individuals and organisations failing to meet their tax obligations.

“Many companies have responded to our pre-action protocol notices and have started paying or made arrangements to pay their outstanding tax liabilities,” Pedro said.

“One of the notable banks facing our enforcement process paid the sum of ₦1.5 billion in outstanding taxes. Other banks are already making efforts to settle their outstanding tax liabilities to avoid sanctions,” he disclosed.

He cautioned residents and corporate organisations still in default to settle their obligations promptly, especially now that courts had resumed from vacation.

“This firm but fair approach to the recovery of taxes and revenue underscores our determination to ensure that money due to Lagos State is recovered lawfully, so as to boost the State’s capacity to deliver critical services to our people,” the Attorney General added.